Outgoing NAB boss Andrew Thorburn loses $22million in bonuses

Mr Thorburn will receive a severance payment of $1,041,449 plus other accrued leave entitlements but will give up all unvested deferred awards including performance rights worth $21.7 million, the bank confirmed.

Mr Thorburn quit after being named and shamed in Kenneth Hayne's final banking royal commission report.

(AAP)

Published two weeks ago, it expressed serious concerns about his leadership of the bank – along with chairman Ken Henry - and failings that included charging fees for no service.

NAB has sidelined Dr Henry from the search for a new chief executive, removing the outgoing chairman from the selection process.

The bank said today it had formed a CEO selection committee chaired by director Ann Sherry, with a second committee led by director David Armstrong to manage the search for Dr Henry's replacement.

Phil Chronican takes over as interim chief executive on March 1 and will be paid $150,000 a month.